SAN FRANCISCO – Giant Patelco CU, which is in the process of absorbing two large credit union failures, is the la test credit union in this troubled market to report large losses, reporting $40.2 million of red ink for 2008.

HARRISBURG, Pa. – The former president of the failed Greater Harrisburg Community CU was sentenced to five months in prison and fined $10,000 Friday for his convictions on making false statements to the U.S. Department of Housing and Urban Development .

WASHINGTON – Several candidates are testing the waters for the pending opening on the NCUA Board, who will probably become chairman of the agency–with two former Board members among the group.

DETROIT – A federal court jury awarded Michigan First CU $5 million in damages last week against CUNA Mutual’s CUMIS Insurance Society, finding the credit union insurer violated its insurance bond when it refused to pay the credit union damages resulting from hundreds of defaulted indirect auto loans.

RALEIGH, N.C. – Coastal FCU, which reported an 84% decline in net income for 2008, announced yesterday it is closing four underperforming branches by the end of the first quarter.

PASADENA, Calif. –Wescom Central CU, struggling with big losses, said today it will eliminate up to 175 positions and close two branches as the result of ongoing losses and a struggling local economy.

PASADENA, Calif. –Wescom Central CU, struggling with big losses, said today it will eliminate up to 175 positions and close two branches as the result of ongoing losses and a struggling local economy.

PEORIA, Ill.-Nearly 2,100 miles separates Citizens Equity First CU's headquarters from its newest branches after the $3.6-billion institution took over operations at Valley CU, but CEFCU is undaunted by the distance - or the troubles that led NCUA to seek an acquirer for the ailing Valley CU.

TUKWILA, Wash.-Cloudy skies in the Pacific Northwest got a little darker for Boeing employees when the aircraft manufacturer announced it would cut 4,500 jobs later this year.

MADISON, Wis.-A data breach announced last week at Heartland Payment Systems, one of the largest to date and possibly affecting 100 million credit and debit cards, has raised the issue of the need for tighter Payment Card Industry (PCI) Data Security Standards, suggests CUNA Mutual Group.

Beehive CU Drops Plan To Convert To bank Charter

RANCHO CUCAMONGA, Calif.-Credit Union Direct Lending (CUDL) has joined Invest in America, providing point-of-sale financing capability and a marketing boost for the auto discount program that's generated 10,000 car sales for GM and Chrysler since early December.

WEST PALM BEACH, Fla.-Recession or not, credit unions that plan to be around in 2010 and beyond must grow during 2009, and Credit Union Journal has now unveiled the agenda for a conference aimed at helping them achieve just that.

SAN DIEGO-The president and CEO of North Island CU, Mike Maslak, retired Jan. 12 after more than 21 years with the $1.6 billion CU.

CALIFORNIA: Several large California credit unions reported their first losses ever last year. Arrowhead Central CU reported a $23 million loss for its fourth quarter, creating a $26 million loss for the year. Kinecta FCU, reported a 2008 loss of $44.3 million; Kern Schools CU, $24.3 million; California Coast CU, $23.8 million; Schools Financial CU, $2.8 million, and North Island Financial CU, $50.2 million.

COLORADO SPRINGS, Colo.-Sometimes the best news for credit union loan growth is, ironically enough, bad news.

TAMPA, Fla.-An aging U.S. population and seniors struggling to get by on fixed incomes are making reverse mortgages more attractive- and necessary-to members and their credit unions alike.

OKLAHOMA CITY, Okla.-The old-fashioned bread and butter of credit union lending has proven to be plenty contemporary for Tinker FCU here, which experienced a whopping 17% increase in lending during 2009.

PHILADELPHIA-Marketing and training staff to cross sell helped boost American Heritage FCU's loan growth to 12% for 2008, well above the predicted national average for credit unions overall.

SimpliCD Expands To Non-CUs